for the Fiscal Year Ended March 31, 2020 …...Tel: +81-3-3435-3121 Contents Financial Highlights...

Consolidated Financial ResultsSupplementary Information

for the Fiscal Year Ended March 31, 2020

ORIX Corporation(NYSE: IX; TSE: 8591)

May 21, 2020

Cover

Contents

Page1 Financial Highlights : Financial Highlights, Key Ratios, Per Share Data and Employees2 Segment Information : Segment Revenues, Profits, Assets and ROA3 Segment Asset Details : Assets by Segment

4-5 Corporate Financial Services Segment (1) (2) : Segment Revenues, Profits and Assets6-7 Maintenance Leasing Segment (1) (2) : Segment Revenues, Profits and Assets8-9 Real Estate Segment (1) (2) : Segment Revenues, Profits and Assets

10-11 Investment and Operation Segment (1) (2) : Segment Revenues, Profits and Assets12-13 Retail Segment (1) (2) : Segment Revenues, Profits and Assets14-15 Overseas Business Segment (1) (2) : Segment Revenues, Profits and Assets

16 Portfolio in Three Categories : Segment Profits and Assets17 Key Quarterly Financial Information (1) : Income Statement Data, Yields on Assets18 Key Quarterly Financial Information (2) : Balance Sheet Data, Key Exchange Rate19 Information Regarding Major Assets (1) : New Business Volumes, Net Investment in Leases & Installment loans20 Information Regarding Major Assets (2) : Operating Leases & Asset Quality21 Information Regarding Major Assets (3) : Allowance for Doubtful Receivables and Probable Loan Losses22 Information Regarding Major Assets (4) : Investment in Securities23 Information Regarding Major Assets (5) : Investment in Securities24 Funding (1) : Funding, Share of Long-Term Debt, Funding Structure & Funding Costs (including Deposits)25 Funding (2) : Commitment Lines, Liquidity & Credit Ratings

This document has been prepared based upon quarterly financial information in accordance with U.S. GAAP.For annual and more historical data please access our website.

IR Website URL: https://www.orix.co.jp/grp/en/ir/IR Library URL: https://www.orix.co.jp/grp/en/ir/library/

DisclaimerThese documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and those described under “Business Risk” of the securities report (Yukashoken houkokusho) filed with the Director of the Kanto Local Finance Bureau and financial results filed to Tokyo Stock Exchange.

ORIX CorporationCorporate Planning Department

World Trade Center Bldg., 2-4-1 Hamamatsu-cho, Minato-kuTokyo 105-6135, JapanTel: +81-3-3435-3121

Contents

(Unaudited)

Financial Highlights

(Millions of yen)

Financial Highlights 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Total Revenues *1 2,862,771 603,917 658,097 534,141 638,709 2,434,864 548,449 586,996 582,340 562,544 2,280,329

Income before Income Taxes 435,501 110,954 109,991 74,223 100,562 395,730 98,860 129,769 121,829 62,103 412,561

Net Income Attributable to ORIX Corporation Shareholders 313,135 79,947 75,103 81,157 87,538 323,745 69,210 89,940 85,169 58,381 302,700

Total Assets *2 11,425,982 11,371,902 11,778,544 12,121,792 12,174,917 12,174,917 12,404,945 12,511,073 12,842,958 13,067,528 13,067,528

Total Liabilities *2 8,619,688 8,529,479 8,840,932 9,230,763 9,211,936 9,211,936 9,449,469 9,473,819 9,753,531 9,991,362 9,991,362

Total ORIX Corporation Shareholders’ Equity 2,682,424 2,712,205 2,803,969 2,817,498 2,897,074 2,897,074 2,887,070 2,962,073 3,008,410 2,993,608 2,993,608

*1 Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption.*2 Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020.

Financial Indicators (1) 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Return on Equity (ROE) 12.1% 11.9% 11.3% 11.5% 11.6% 11.6% 9.6% 10.9% 11.0% 10.3% 10.3%

Return on Assets (ROA) 2.76% 2.81% 2.67% 2.67% 2.74% 2.74% 2.25% 2.58% 2.60% 2.40% 2.40%

Return on Segment Assets (ROA) 3.42% 3.51% 3.31% 3.31% 3.39% 3.39% 2.73% 3.12% 3.12% 2.90% 2.90%

※ All of the above are calculated using accumulated Net Income Attributable to ORIX Corporation Shareholders.

Financial Indicators (2) 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Shareholders’ Equity Ratio 23.5% 23.9% 23.8% 23.2% 23.8% 23.8% 23.3% 23.7% 23.4% 22.9% 22.9%

Debt-to-Equity Ratio (times)

(Short- and Long-Term Debt+Deposits)/Shareholders' Equity 2.2 2.1 2.2 2.3 2.2 2.2 2.2 2.2 2.2 2.3 2.3

(Short- and Long-Term Debt)/Shareholders' Equity 1.5 1.5 1.5 1.6 1.6 1.6 1.5 1.5 1.5 1.5 1.5

Shareholders’ Equity Per Share (yen) 2,095.64 2,118.69 2,190.67 2,201.24 2,263.41 2,263.41 2,255.59 2,314.14 2,363.84 2,386.35 2,386.35

Earnings Per Share

Basic EPS (yen) 244.40 62.46 58.67 63.41 68.39 252.92 54.07 70.27 66.64 46.17 237.38

Diluted EPS (yen) 244.15 62.41 58.62 63.35 68.33 252.70 54.02 70.21 66.58 46.13 237.17

Number of Employees 31,890 32,871 33,168 33,445 32,411 32,411 32,884 31,658 30,628 31,233 31,233

※ Shareholders’ Equity Ratio, Debt-to-Equity Ratio and Shareholders’ Equity Per Share are calculated using Total ORIX Corporation Shareholders’ Equity.

- 1 -

Financial Highlights

(Unaudited)

Segment Information

(Millions of yen)Segment Information 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3Corporate Financial Services

Segment Revenues 115,837 25,004 26,063 20,650 23,495 95,212 23,048 24,889 24,997 24,073 97,007Segment Profits 49,275 7,820 8,968 2,972 5,722 25,482 4,066 5,085 4,008 1,452 14,611Segment Assets 991,818 976,117 966,357 974,870 959,725 959,725 1,000,150 996,971 1,000,148 948,268 948,268Segment Asset ROA 3.24% 2.18% 2.35% 1.84% 1.79% 1.79% 1.14% 1.28% 1.23% 1.05% 1.05%

Maintenance LeasingSegment Revenues 275,933 69,858 71,784 72,662 73,907 288,211 82,048 84,459 85,795 84,136 336,438Segment Profits 40,162 9,696 10,887 9,804 8,454 38,841 7,919 8,706 9,142 7,957 33,724Segment Assets 847,190 855,286 859,007 862,354 873,775 873,775 880,680 886,277 900,943 889,615 889,615Segment Asset ROA 3.32% 3.12% 3.31% 3.25% 3.09% 3.09% 2.47% 2.59% 2.65% 2.62% 2.62%

Real EstateSegment Revenues 489,752 113,377 130,621 113,383 171,683 529,064 93,357 136,007 102,926 134,349 466,639Segment Profits 74,395 20,494 23,670 10,557 34,526 89,247 4,468 41,710 9,892 20,787 76,857Segment Assets 801,969 793,293 783,165 791,259 720,221 720,221 813,695 742,445 756,092 749,694 749,694Segment Asset ROA 6.17% 7.04% 7.63% 6.27% 8.03% 8.03% 1.60% 8.65% 6.94% 7.16% 7.16%

Investment and OperationSegment Revenues 1,083,505 175,269 192,406 136,357 111,119 615,151 116,835 108,511 116,371 109,480 451,197Segment Profits 84,097 13,630 11,260 6,201 7,079 38,170 14,231 14,156 27,203 125 55,715Segment Assets 674,617 681,658 687,316 735,872 733,612 733,612 750,321 772,972 808,466 847,082 847,082Segment Asset ROA 9.06% 5.51% 5.01% 4.03% 3.71% 3.71% 5.26% 5.16% 6.58% 4.83% 4.83%

RetailSegment Revenues 428,697 102,815 118,920 67,553 139,616 428,904 108,679 116,901 129,888 99,283 454,751Segment Profits 74,527 21,785 27,390 17,062 17,974 84,211 21,589 21,596 27,262 9,940 80,387Segment Assets 3,174,505 3,236,630 3,368,956 3,396,141 3,571,437 3,571,437 3,735,056 3,946,721 4,110,336 4,183,894 4,183,894Segment Asset ROA 1.57% 1.86% 2.06% 1.84% 1.71% 1.71% 1.62% 1.57% 1.68% 1.42% 1.42%

Overseas BusinessSegment Revenues 479,619 118,479 120,284 126,657 125,310 490,730 126,899 118,220 125,315 115,894 486,328Segment Profits 106,622 40,006 27,710 27,905 29,823 125,444 48,068 38,795 45,031 24,539 156,433Segment Assets 2,608,819 2,574,171 2,955,727 3,148,818 3,138,928 3,138,928 3,094,468 3,087,300 3,283,169 3,287,445 3,287,445Segment Asset ROA 2.81% 4.23% 3.33% 3.03% 2.99% 2.99% 4.23% 3.82% 3.75% 3.33% 3.33%

TotalSegment Revenues 2,873,343 604,802 660,078 537,262 645,130 2,447,272 550,866 588,987 585,292 567,215 2,292,360Segment Profits 429,078 113,431 109,885 74,501 103,578 401,395 100,341 130,048 122,538 64,800 417,727Segment Assets 9,098,918 9,117,155 9,620,528 9,909,314 9,997,698 9,997,698 10,274,370 10,432,686 10,859,154 10,905,998 10,905,998

Adjustment of Segment Profits to Consolidated statement amounts

6,423 (2,477) 106 (278) (3,016) (5,665) (1,481) (279) (709) (2,697) (5,166)

Income before Income Taxes 435,501 110,954 109,991 74,223 100,562 395,730 98,860 129,769 121,829 62,103 412,561※ Segment Asset ROA is calculated using accumulated Segment Profits (after tax).※ Since the first quarter of fiscal 2019, VIEs for securitizing financial assets such as finance lease receivables and loan receivables are included in segment revenues, segment profits and segment assets, and the amounts that had previously been reported have been reclassified for this change.※ Since the fourth quarter of fiscal 2019, the segment classification of DAIKYO has been changed from Investment and Operation segment to Real Estate segment. Past segment information has been reclassified accordingly.※ Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020.※ Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption.

- 2 -

Segment Information

(Unaudited)

Segment Asset Details

2018.3 (Millions of yen)

Assets by SegmentCorporate

Financial ServicesMaintenance

LeasingReal Estate

Investmentand Operation

RetailOverseasBusiness

Total

Investment in Direct Financing Leases 439,329 319,927 33,589 25,497 208 368,721 1,187,271Installment Loans 369,882 － 312 59,437 1,852,761 534,586 2,816,978Investment in Operating Leases 26,350 505,472 273,036 4,123 44,319 491,132 1,344,432Investment in Securities 19,208 560 4,354 28,562 1,260,291 413,440 1,726,415Property under Facility Operations and Servicing Assets 15,075 904 195,463 208,106 － 43,995 463,543Inventories 49 461 80,108 24,260 － 5,923 110,801Advances for DFL and Operating Lease 203 197 21,639 146 － 9,487 31,672Investment in Affiliates 16,845 1,996 100,219 156,896 702 314,569 591,227Advances for Property under Facility Operations 720 － 19,351 44,901 －－ 64,972Goodwill, Intangible Assets Acquired in Business Combinations 104,157 17,673 73,898 122,689 16,224 426,966 761,607Total 991,818 847,190 801,969 674,617 3,174,505 2,608,819 9,098,918




LeasingReal Estate



Total

Investment in Direct Financing Leases 403,639 328,424 35,420 25,696 42 362,391 1,155,612Installment Loans 364,818 － 316 47,573 2,049,980 814,847 3,277,534Investment in Operating Leases 24,143 525,392 242,022 5,474 29,810 509,117 1,335,958Investment in Securities 31,522 506 8,038 25,786 1,474,750 385,339 1,925,941Property under Facility Operations and Servicing Assets 16,973 988 146,100 264,994 － 44,149 473,204Inventories 51 587 80,920 30,776 － 3,161 115,495Advances for DFL and Operating Lease 122 669 29,946 1,340 － 10,932 43,009Investment in Affiliates 16,276 33 107,072 161,966 631 556,682 842,660Advances for Property under Facility Operations －－ 6,790 11,291 －－ 18,081Goodwill, Intangible Assets Acquired in Business Combinations 102,181 17,176 63,597 158,716 16,224 452,310 810,204Total 959,725 873,775 720,221 733,612 3,571,437 3,138,928 9,997,698




LeasingReal Estate



Total

Net Investment in Leases * 367,117 319,417 35,523 25,497 － 333,356 1,080,910Installment Loans 343,090 －－ 36,451 2,336,067 1,024,801 3,740,409Investment in Operating Leases * 73,382 551,289 277,587 15,104 29,271 458,525 1,405,158Investment in Securities 22,778 486 7,272 23,460 1,801,260 387,523 2,242,779Property under Facility Operations and Servicing Assets * 18,928 1,064 148,724 382,430 － 69,016 620,162Inventories 125 611 82,762 40,657 － 1,684 125,839Advances for Finance Lease and Operating Lease 111 182 37,272 1,861 － 7,991 47,417Investment in Affiliates 18,328 19 91,835 150,856 400 560,162 821,600Advances for Property under Facility Operations 760 － 7,327 12,474 －－ 20,561Goodwill, Intangible Assets Acquired in Business Combinations 103,649 16,547 61,392 158,292 16,896 444,387 801,163Total 948,268 889,615 749,694 847,082 4,183,894 3,287,445 10,905,998

* Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020, and the amounts of investment in direct financing leases have been reclassified to net investment in leases.

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Segment Asset Details

(Unaudited)

Corporate Financial Services Segment (1)

(Millions of yen)

Segment Income Statement Data 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Finance revenues *1,2 30,737 7,712 7,957 6,602 6,558 28,829 7,215 7,069 6,924 7,314 28,522

Gains on investment securities and dividends *3 17,083 238 764 (1,703) (76) (777) 555 122 798 (1,354) 121

Operating leases *2 23,355 6,012 5,927 5,870 5,713 23,522 5,699 5,830 5,726 5,663 22,918

Sales of goods and real estate 4,379 1,036 968 1,180 1,195 4,379 1,369 1,448 1,506 1,384 5,707

Services income *1 40,283 10,006 10,447 8,701 10,105 39,259 8,210 10,420 10,043 11,066 39,739

Total Segment Revenues : 115,837 25,004 26,063 20,650 23,495 95,212 23,048 24,889 24,997 24,073 97,007

Interest expense 5,019 1,109 1,023 976 959 4,067 936 921 906 800 3,563

Costs of operating leases *2 14,058 3,539 3,514 3,648 3,618 14,319 3,726 3,741 3,739 3,857 15,063

Costs of goods and real estate sold 1,409 427 416 440 372 1,655 514 517 496 529 2,056

Services expense 8,064 2,146 2,697 2,524 2,733 10,100 2,601 3,383 3,784 3,637 13,405

Selling, general and administrative expenses 39,085 9,585 8,943 9,669 9,699 37,896 10,791 10,647 11,503 11,876 44,817Provision for doubtful receivables and probable loan lossesand write-downs of long-lived assets and securities

1,218 246 188 124 548 1,106 350 202 195 379 1,126

Other *2 (5) (17) (27) (47) (75) (166) 1,243 820 841 786 3,690

Total Segment Expenses : 68,848 17,035 16,754 17,334 17,854 68,977 20,161 20,231 21,464 21,864 83,720

Segment Operating Income 46,989 7,969 9,309 3,316 5,641 26,235 2,887 4,658 3,533 2,209 13,287

Equity in Net Income (Loss) of Affiliates and others 2,286 (149) (341) (344) 81 (753) 1,179 427 475 (757) 1,324

Segment Profits 49,275 7,820 8,968 2,972 5,722 25,482 4,066 5,085 4,008 1,452 14,611

*1 Income statement data have been changed since the first quarter of fiscal 2019. The amounts that had previously been reported have been reclassified for this change.*2 Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption. *3 Accounting Standards Update 2016-01 (“Recognition and Measurement of Financial Assets and Financial Liabilities”-ASC 825-10 (“Financial Instruments-Overall”)) has been adopted since the first quarter of fiscal 2019. The unrealized change in fair value of investment in equity securities has been included in "Gains on investment securities and dividends" for this adoption.

(Millions of yen)

Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Domestic Sales 42,866 6,381 7,458 1,569 4,519 19,927 2,243 3,310 2,473 409 8,435

Yayoi 6,409 1,439 1,510 1,403 1,203 5,555 1,823 1,775 1,535 1,043 6,176

Total Segment Profits 49,275 7,820 8,968 2,972 5,722 25,482 4,066 5,085 4,008 1,452 14,611

- 4 -


(Unaudited)


(Millions of yen)

Segment Balance Sheet Data 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Net Investment in Leases * 439,329 433,525 422,576 414,452 403,639 396,483 390,480 383,755 367,117

Installment Loans 369,882 364,505 353,712 369,888 364,818 361,366 367,131 374,021 343,090

Investment in Operating Leases * 26,350 26,299 23,513 24,222 24,143 79,885 76,751 75,497 73,382

Investment in Securities 19,208 15,422 30,991 30,262 31,522 20,300 20,152 24,413 22,778

Property under Facility Operations * 15,075 15,256 15,040 16,837 16,973 19,860 19,539 19,242 18,928

Inventories 49 44 36 46 51 123 136 130 125

Advances for Finance Lease and Operating Lease 203 97 52 34 122 62 27 109 111

Investment in Affiliates 16,845 16,674 16,637 16,251 16,276 16,776 17,268 18,029 18,328

Advances for Property under Facility Operations 720 631 631 203 －－ 763 760 760

Goodwill, Intangible Assets Acquired in Business Combinations 104,157 103,664 103,169 102,675 102,181 105,295 104,724 104,192 103,649

Total Segment Assets 991,818 976,117 966,357 974,870 959,725 1,000,150 996,971 1,000,148 948,268


(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Domestic Sales 891,091 875,819 866,501 875,414 860,674 901,518 898,733 902,388 850,954

Yayoi 100,727 100,298 99,856 99,456 99,051 98,632 98,238 97,760 97,314

Total Segment Assets 991,818 976,117 966,357 974,870 959,725 1,000,150 996,971 1,000,148 948,268

- 5 -


(Unaudited)

Maintenance Leasing Segment (1)

(Millions of yen)



Operating leases *2 189,655 47,915 50,068 49,715 50,265 197,963 55,752 58,006 57,636 57,074 228,468

Services income *1 67,752 17,422 16,725 18,262 18,142 70,551 17,448 16,863 18,805 18,218 71,334

Other 4,279 1,082 1,335 1,066 1,862 5,345 1,455 1,742 1,596 1,023 5,816


Interest expense 3,242 812 804 722 688 3,026 716 723 712 686 2,837

Costs of operating leases *2 145,402 37,206 38,851 38,747 39,606 154,410 45,248 46,972 46,860 47,094 186,174



222 53 81 131 783 1,048 78 117 (107) 272 360

Other *2 2,499 761 273 1,810 2,047 4,891 4,833 5,254 4,809 4,483 19,379



Equity in Net Income (Loss) of Affiliates and others (203) (18) (9) 1,120 1 1,094 (12) (1) － (1) (14)

Segment Profits 40,162 9,696 10,887 9,804 8,454 38,841 7,919 8,706 9,142 7,957 33,724

*1 Income statement data have been changed since the first quarter of fiscal 2019. The amounts that had previously been reported have been reclassified for this change.*2 Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption.

(Millions of yen)

Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Auto 30,425 7,270 8,049 6,751 5,964 28,034 5,798 6,043 6,266 5,454 23,561

Rentec 9,737 2,426 2,838 3,053 2,490 10,807 2,121 2,663 2,876 2,503 10,163


- 6 -


(Unaudited)


(Millions of yen)




Investment in Securities 560 566 575 496 506 493 492 556 486

Property under Facility Operations 904 884 913 946 988 991 967 1,008 1,064

Inventories 461 574 530 636 587 677 679 690 611

Advances for Finance Lease and Operating Lease 197 176 138 300 669 260 292 227 182

Investment in Affiliates 1,996 1,974 1,964 1,997 33 21 20 20 19


Total Segment Assets 847,190 855,286 859,007 862,354 873,775 880,680 886,277 900,943 889,615


(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Auto 731,335 736,748 738,007 742,410 745,215 749,967 750,631 755,137 740,273

Rentec 115,855 118,538 121,000 119,944 128,560 130,713 135,646 145,806 149,342


(Thousand Autos)

Automobile Operations 2018.3 2018.9 2019.3 2019.9 2020.3

Number of Automobiles Under Management in Japan 1,347 1,378 1,406 1,433 1,439

- 7 -


(Unaudited)

Real Estate Segment (1)

(Millions of yen)Segment Income Statement Data 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Finance revenues * 2,072 491 495 532 547 2,065 771 794 806 878 3,249Operating leases 55,202 12,871 28,565 14,532 16,515 72,483 12,986 23,287 12,704 14,822 63,799

Sales of goods and real estate 131,829 19,445 26,581 21,692 73,771 141,489 15,363 32,118 20,294 54,455 122,230

Services income 300,092 79,766 75,391 77,164 80,738 313,059 64,449 79,690 68,882 64,480 277,501Other 557 804 (411) (537) 112 (32) (212) 118 240 (286) (140)


Interest expense 2,285 629 587 517 516 2,249 415 327 292 523 1,557Costs of operating leases 27,642 6,444 6,769 6,014 6,723 25,950 6,448 6,401 5,742 6,304 24,895

Costs of goods and real estate sold 112,204 18,348 23,097 19,854 60,115 121,414 15,383 28,568 19,153 45,533 108,637


Selling, general and administrative expenses 43,170 11,395 10,838 10,764 10,985 43,982 11,879 10,669 10,236 11,560 44,344Provision for doubtful receivables and probable loan lossesand write-downs of long-lived assets and securities 4,180 13 10 1 1,552 1,576 29 (12) 5 295 317

Other * 124 (197) 193 669 88 753 242 461 57 (154) 606



Equity in Net Income (Loss) of Affiliates and others 28,631 2,543 (300) 1,482 13,446 17,171 474 17,783 1,762 8,528 28,547

Segment Profits 74,395 20,494 23,670 10,557 34,526 89,247 4,468 41,710 9,892 20,787 76,857* Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption.

(Millions of yen)Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

RE Investment and Facilities Operation 62,373 22,219 21,964 11,236 15,066 70,485 6,656 34,473 7,980 7,341 56,450DAIKYO 12,022 (1,725) 1,706 (679) 19,460 18,762 (2,188) 7,237 1,912 13,446 20,407Total Segment Profits 74,395 20,494 23,670 10,557 34,526 89,247 4,468 41,710 9,892 20,787 76,857

(Millions of yen)Services income 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Revenues from real estate management and contract work 185,222 39,324 44,832 47,365 56,939 188,460 40,268 55,279 49,439 50,770 195,756Facilities operation 100,346 38,079 27,685 27,078 21,533 114,375 21,045 21,566 16,416 11,345 70,372Other 14,524 2,363 2,874 2,721 2,266 10,224 3,136 2,845 3,027 2,365 11,373Total Services income 300,092 79,766 75,391 77,164 80,738 313,059 64,449 79,690 68,882 64,480 277,501

(Millions of yen)Gains on sales 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Gains on Rental Property Sales (included in Operating leases) 14,276 3,143 18,391 5,554 7,884 34,972 4,357 14,043 4,637 7,110 30,147Gains on sales of property under operations (included in Services income) － 12,783 217 218 217 13,435 630 422 168 218 1,438Gains on sales (included in Equity in Net Income (Loss) of Affiliates) and others 32,795 2,302 (412) (593) 8,130 9,427 (301) 16,233 1,116 6,079 23,127Total Gains on sales 47,071 18,228 18,196 5,179 16,231 57,834 4,686 30,698 5,921 13,407 54,712

- 8 -


(Unaudited)


(Millions of yen)



Installment Loans 312 312 313 313 316 316 －－－




Inventories 80,108 91,219 97,437 107,836 80,920 91,704 90,242 96,971 82,762

Advances for Finance Lease and Operating Lease 21,639 25,717 26,274 30,568 29,946 29,316 33,020 37,879 37,272


Advances for Property under Facility Operations 19,351 5,894 7,405 8,854 6,790 6,902 7,186 9,655 7,327




(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

RE Investment and Facilities Operation 620,238 598,140 577,414 568,082 515,449 592,084 525,664 529,724 539,962

DAIKYO 181,731 195,153 205,751 223,177 204,772 221,611 216,781 226,368 209,732


- 9 -


(Unaudited)

Investment and Operation Segment (1)

(Millions of yen)



Gains on investment securities and dividends *3 7,598 683 (124) (411) (70) 78 318 375 1,413 (2,137) (31)

Sales of goods and real estate 924,220 131,248 145,800 94,144 64,852 436,044 68,038 58,082 71,352 68,799 266,271

Services income *1 140,088 40,683 43,850 40,480 44,126 169,139 46,177 48,166 41,263 38,943 174,549

Other 2,325 154 141 354 178 827 345 211 337 1,897 2,790

Total Segment Revenues : 1,083,505 175,269 192,406 136,357 111,119 615,151 116,835 108,511 116,371 109,480 451,197

Interest expense 5,670 1,692 1,686 1,862 1,814 7,054 1,866 1,961 1,924 3,310 9,061

Costs of goods and real estate sold 875,456 121,992 136,830 85,501 56,302 400,625 57,683 50,572 64,085 60,752 233,092



(836) (306) 205 35 74 8 (29) 34 (113) 2,219 2,111

Other *2 914 (261) 285 376 13 413 401 (97) 242 407 953

Total Segment Expenses : 1,047,301 165,178 185,929 133,527 107,016 591,650 107,173 102,518 109,507 110,570 429,768

Segment Operating Income 36,204 10,091 6,477 2,830 4,103 23,501 9,662 5,993 6,864 (1,090) 21,429

Equity in Net Income (Loss) of Affiliates and others 47,893 3,539 4,783 3,371 2,976 14,669 4,569 8,163 20,339 1,215 34,286

Segment Profits 84,097 13,630 11,260 6,201 7,079 38,170 14,231 14,156 27,203 125 55,715


(Millions of yen)

Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Investment and Operation 46,093 6,486 3,438 1,509 2,731 14,164 7,764 1,958 20,305 (3,681) 26,346

Environment and Energy 25,847 4,493 3,612 2,052 985 11,142 3,347 4,486 2,709 (285) 10,257

Concession 12,157 2,651 4,210 2,640 3,363 12,864 3,120 7,712 4,189 4,091 19,112

Total Segment Profits 84,097 13,630 11,260 6,201 7,079 38,170 14,231 14,156 27,203 125 55,715

(Millions of yen)

Services income 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Revenues from environment and energy related business 113,861 31,202 35,315 31,809 33,782 132,108 36,231 38,985 32,918 33,580 141,714

Others 26,227 9,481 8,535 8,671 10,344 37,031 9,946 9,181 8,345 5,363 32,835

Total Services income 140,088 40,683 43,850 40,480 44,126 169,139 46,177 48,166 41,263 38,943 174,549

- 10 -


(Unaudited)


(Millions of yen)



Installment Loans 59,437 56,917 52,864 50,203 47,573 44,651 42,124 40,434 36,451




Inventories 24,260 25,272 26,713 31,047 30,776 29,147 33,023 32,079 40,657

Advances for Finance Lease and Operating Lease 146 147 146 147 1,340 1,256 917 914 1,861


Advances for Property under Facility Operations 44,901 51,454 53,299 17,437 11,291 12,994 11,426 17,191 12,474




(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Investment and Operation 258,802 258,940 253,041 291,986 288,872 270,065 294,803 268,908 308,188

Environment and Energy 370,970 375,150 390,838 397,539 395,579 428,061 425,990 483,240 478,785

Concession 44,845 47,568 43,437 46,347 49,161 52,195 52,179 56,318 60,109


- 11 -


(Unaudited)

Retail Segment (1)

(Millions of yen)


Finance revenues * 72,929 18,693 19,968 18,980 19,052 76,693 19,457 20,660 20,104 20,868 81,089

Life insurance premiums and related investment income 352,974 83,203 98,090 47,759 119,203 348,255 88,044 95,119 108,531 77,460 369,154

Other * 2,794 919 862 814 1,361 3,956 1,178 1,122 1,253 955 4,508


Interest expense 4,026 1,010 1,027 1,046 997 4,080 1,017 1,085 1,160 1,227 4,489

Life insurance costs 256,309 57,348 69,027 27,372 94,062 247,809 62,293 69,623 78,383 61,644 271,943


11,245 3,182 2,144 3,084 3,131 11,541 3,074 3,640 3,051 2,206 11,971

Other 3,420 1,033 617 (136) 1,077 2,591 1,274 1,691 243 1,373 4,581



Equity in Net Income (Loss) of Affiliates and others 7 (3) (4) (16) 6 (17) (5) (22) 30 13 16

Segment Profits 74,527 21,785 27,390 17,062 17,974 84,211 21,589 21,596 27,262 9,940 80,387

* Income statement data have been changed since the first quarter of fiscal 2019. The amounts that had previously been reported have been reclassified for this change.

(Millions of yen)

Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Life Insurance 44,293 14,291 17,545 7,634 10,073 49,543 12,877 12,408 17,076 693 43,054

Banking 20,456 5,157 6,426 6,599 5,870 24,052 5,948 6,721 7,456 5,930 26,055

Credit 9,778 2,337 3,419 2,829 2,031 10,616 2,764 2,467 2,730 3,317 11,278


- 12 -

Retail Segment (1)

(Unaudited)

Retail Segment (2)

(Millions of yen)


Net Investment in Leases * 208 157 112 73 42 19 1 －－

Installment Loans 1,852,761 1,870,391 1,910,396 1,983,066 2,049,980 2,129,798 2,220,006 2,291,736 2,336,067

Investment in Operating Leases 44,319 44,202 40,804 29,146 29,810 29,677 29,501 29,350 29,271

Investment in Securities 1,260,291 1,305,020 1,400,851 1,367,144 1,474,750 1,558,771 1,680,502 1,772,787 1,801,260

Investment in Affiliates 702 636 569 488 631 567 487 239 400


Total Segment Assets 3,174,505 3,236,630 3,368,956 3,396,141 3,571,437 3,735,056 3,946,721 4,110,336 4,183,894


(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Life Insurance 1,055,637 1,102,996 1,189,308 1,144,033 1,254,698 1,361,313 1,467,363 1,557,405 1,580,157

Banking 1,937,439 1,948,189 1,994,479 2,066,376 2,132,685 2,192,174 2,297,312 2,369,905 2,421,517

Credit 181,429 185,445 185,169 185,732 184,054 181,569 182,046 183,026 182,220


(Thousands)

Life Insurance Business 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Number of Insurance Policies in Force 3,936 4,029 4,100 4,173 4,256 4,327 4,391 4,457 4,526

Number of New Insurance Policies in Force (accumulated) 637 147 271 399 539 128 249 370 496

(Millions of yen)

2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Credit - Consumer Loans Guarantee 297,153 318,034 331,804 336,530 343,119 342,507 346,335 342,156 341,466

- 13 -

Retail Segment (2)

(Unaudited)

Overseas Business Segment (1)

(Millions of yen)Segment Income Statement Data 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Finance revenues *1,2 98,426 23,669 25,824 31,043 31,098 111,634 31,059 30,696 32,013 32,584 126,352Gains on investment securities and dividends *3 17,453 5,602 3,819 (3,885) 11,029 16,565 12,851 6,059 4,598 (654) 22,854Operating leases *2 111,569 29,408 29,776 34,414 28,315 121,913 28,568 26,467 30,924 30,350 116,309Services income *1 238,615 58,627 59,767 60,958 53,758 233,110 53,966 51,660 56,966 53,106 215,698Other 13,556 1,173 1,098 4,127 1,110 7,508 455 3,338 814 508 5,115


Interest expense 51,536 12,548 14,201 17,714 18,358 62,821 18,372 16,478 16,609 16,551 68,010Costs of operating leases *2 64,363 15,429 15,389 15,857 15,854 62,529 16,273 15,973 16,372 16,534 65,152Services expense 70,419 16,596 18,385 15,795 15,767 66,543 14,585 13,928 14,030 13,659 56,202Selling, general and administrative expenses 177,852 42,832 44,106 47,362 49,357 183,657 44,160 43,859 51,433 49,201 188,653Provision for doubtful receivables and probable loan lossesand write-downs of long-lived assets and securities

8,101 1,808 1,389 2,605 5,101 10,903 1,234 1,927 2,639 17,751 23,551

Other *2 10,675 2,194 186 4,191 2,039 8,610 455 2,706 1,656 (3,042) 1,775


Segment Operating Income 96,673 27,072 26,628 23,133 18,834 95,667 31,820 23,349 22,576 5,240 82,985Equity in Net Income (Loss) of Affiliates and others 9,949 12,934 1,082 4,772 10,989 29,777 16,248 15,446 22,455 19,299 73,448

Segment Profits 106,622 40,006 27,710 27,905 29,823 125,444 48,068 38,795 45,031 24,539 156,433*1 Income statement data have been changed since the first quarter of fiscal 2019. The amounts that had previously been reported have been reclassified for this change.*2 Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption. *3 Accounting Standards Update 2016-01 (“Recognition and Measurement of Financial Assets and Financial Liabilities”-ASC 825-10 (“Financial Instruments-Overall”)) has been adopted since the first quarter of fiscal 2019. The unrealized change in fair value of investment in equity securities has been included in "Gains on investment securities and dividends" for this adoption.

(Millions of yen)Segment Profits 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

OCU *1 39,972 21,745 9,293 7,436 10,329 48,803 15,758 19,941 14,064 6,001 55,764OCE *2 44,516 10,616 9,308 8,366 6,833 35,123 8,445 7,999 8,290 18,544 43,278Aircraft, Ships 19,779 6,887 8,089 12,726 8,109 35,811 10,360 6,120 16,270 11,823 44,573Asia, Australia and other 2,355 758 1,020 (623) 4,552 5,707 13,505 4,735 6,407 (11,829) 12,818

Total Segment Profits 106,622 40,006 27,710 27,905 29,823 125,444 48,068 38,795 45,031 24,539 156,433*1 ORIX Corporation USA*2 ORIX Corporation Europe

(Millions of yen)Services income 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Asset management and services income 202,592 49,039 49,223 49,437 43,382 191,081 45,172 43,424 48,761 42,728 180,085Other 36,023 9,588 10,544 11,521 10,376 42,029 8,794 8,236 8,205 10,378 35,613

Total Services income 238,615 58,627 59,767 60,958 53,758 233,110 53,966 51,660 56,966 53,106 215,698

- 14 -


(Unaudited)


(Millions of yen)



Installment Loans 534,586 532,575 762,369 773,858 814,847 835,720 845,790 909,261 1,024,801



Property under Facility Operations and Servicing Assets * 43,995 45,286 46,444 46,127 44,149 43,874 44,597 45,317 69,016

Inventories 5,923 5,577 6,449 5,261 3,161 3,299 2,056 1,903 1,684

Advances for Finance Lease and Operating Lease 9,487 12,741 14,968 17,762 10,932 7,718 7,418 7,629 7,991





(Millions of yen)

Segment Assets 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

OCU *1 869,727 853,345 1,127,400 1,153,672 1,152,890 1,113,007 1,131,607 1,216,599 1,374,027

OCE *2 353,828 349,764 360,808 343,789 343,080 335,897 322,932 336,178 317,847

Aircraft, Ships 381,703 375,048 446,768 644,276 646,284 645,114 642,045 678,392 585,303

Asia, Australia and other 1,003,561 996,014 1,020,751 1,007,081 996,674 1,000,450 990,716 1,052,000 1,010,268


*1 ORIX Corporation USA*2 ORIX Corporation Europe

Asset Management Business (OCE *) 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

End of Period AUM (Billions of euro) 288.7 296.4 298.8 265.4 294.5 294.5 298.4 313.8 287.4 232.8 232.8

Net New Money (Billions of euro) (2.1) (2.7) (6.5) (7.0) 0.4 (15.8) (1.3) 1.9 (0.4) (5.1) (4.9)

NNM as % of BoP AUM (0.7)% (0.9)% (2.3)% (2.4)% 0.1% (5.5)% (0.4)% 0.6% (0.1)% (1.7)% (1.6)%

Institutional AUM (Billions of euro) 147.1 150.0 153.7 144.0 160.7 160.7 165.9 173.7 143.7 118.2 118.2

Retail AUM (Billions of euro) 141.6 146.4 145.2 121.4 133.8 133.8 132.5 140.1 143.7 114.6 114.6

* ORIX Corporation Europe

- 15 -


(Unaudited)

Portfolio in Three Categories

Segment Profits (Millions of yen)

The 3 categories Sub Categories 2017.4-2017.9 2017.10-2018.3 2017.4-2018.3 2018.4-2018.9 2018.10-2019.3 2018.4-2019.3 2019.4-2019.9 2019.10-2020.3 2019.4-2020.3

Finance Japan 33,930 39,453 73,383 31,353 22,856 54,209 23,560 21,894 45,454

Overseas 15,168 282 15,450 804 12,847 13,651 12,710 8,848 21,558

Subtotal 49,098 39,735 88,833 32,157 35,703 67,860 36,270 30,742 67,012

Operation Environment/Infrastructure 20,769 36,937 57,706 33,902 34,693 68,595 42,697 21,503 64,200

Financial Services 65,148 56,809 121,957 74,296 49,814 124,110 71,556 58,768 130,324

Maintenance Services 20,438 19,724 40,162 20,583 18,258 38,841 16,625 17,099 33,724

Others 3,661 2,748 6,409 2,949 2,584 5,533 3,598 2,578 6,176

Subtotal 110,016 116,218 226,234 131,730 105,349 237,079 134,476 99,948 234,424

Investment Fixed Income 16,562 8,538 25,100 12,998 2,882 15,880 7,277 4,600 11,877

Tangible Assets 48,063 17,855 65,918 38,219 37,850 76,069 35,581 44,562 80,143

Equity 26,011 (3,018) 22,993 8,212 (3,705) 4,507 16,785 7,486 24,271

Subtotal 90,636 23,375 114,011 59,429 37,027 96,456 59,643 56,648 116,291

Total Segment Profits 249,750 179,328 429,078 223,316 178,079 401,395 230,389 187,338 417,727

Segment Assets (Millions of yen)

The 3 categories Sub Categories 2017.9 2018.3 2018.9 2019.3 2019.9 2020.3

Finance Japan 2,988,633 2,999,699 3,046,149 3,176,727 3,378,091 3,454,690

Overseas 971,067 977,415 1,032,199 1,025,648 997,269 1,031,817

Subtotal 3,959,700 3,977,114 4,078,348 4,202,375 4,375,360 4,486,507

Operation Environment/Infrastructure 805,532 790,379 814,161 767,530 808,157 866,621

Financial Services 1,757,732 1,649,544 2,050,227 2,075,436 2,283,027 2,459,350

Maintenance Services 822,580 847,190 859,007 873,775 886,277 889,615

Others 101,676 100,727 99,856 101,064 98,238 97,314

Subtotal 3,487,520 3,387,840 3,823,251 3,817,805 4,075,699 4,312,900

Investment Fixed Income 509,681 465,041 419,715 456,016 423,232 430,692

Tangible Assets 801,207 808,621 849,559 1,043,227 1,054,015 1,006,783

Equity 473,185 460,302 449,655 478,275 504,380 669,116

Subtotal 1,784,073 1,733,964 1,718,929 1,977,518 1,981,627 2,106,591

Total Segment Assets 9,231,293 9,098,918 9,620,528 9,997,698 10,432,686 10,905,998

※ The documents classify segment profits and segment assets into the three categories in terms of business risks.※ Since the first quarter of fiscal 2019, VIEs for securitizing financial assets such as finance lease receivables and loan receivables are included in segment revenues, segment profits and segment assets, and the amounts that had previously been reported have been reclassified for this change.※ Since the fourth quarter of fiscal 2019, the category of DAIKYO has been changed from Investment to Operation. Past segment information has been reclassified accordingly.※ Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020.

- 16 -

Portfolio in Three Categories

(Unaudited)

Key Quarterly Financial Information (1)

(Millions of yen)

Income Statement Data 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3Finance revenues *1,2 228,252 56,559 60,793 62,599 62,942 242,893 67,788 68,584 69,258 71,234 276,864Gains on investment securities and dividends *3 43,302 7,507 4,228 (6,968) 11,191 15,958 13,543 6,838 7,285 (5,167) 22,499Operating leases *2 379,665 95,279 113,696 104,346 100,597 413,918 101,769 113,156 106,503 109,237 430,665Life insurance premiums and related investment income 351,590 82,859 97,745 47,416 119,116 347,136 87,690 94,778 108,188 77,122 367,778Sales of goods and real estate 1,079,052 154,455 176,306 122,438 142,966 596,165 87,152 97,342 95,633 126,384 406,511Services income *1 780,910 207,258 205,329 204,310 201,897 818,794 190,507 206,298 195,473 183,734 776,012

Total Revenues : 2,862,771 603,917 658,097 534,141 638,709 2,434,864 548,449 586,996 582,340 562,544 2,280,329Interest expense 76,815 20,149 21,699 25,528 25,961 93,337 26,166 24,077 23,763 25,132 99,138Costs of operating leases *2 252,327 62,737 64,629 64,127 65,828 257,321 71,274 72,166 72,147 74,017 289,604Life insurance costs 255,070 57,013 68,721 27,065 93,734 246,533 61,761 69,199 78,177 60,288 269,425Costs of goods and real estate sold 1,003,509 142,721 162,592 110,497 119,451 535,261 75,432 84,610 85,705 108,259 354,006Services expense 482,796 118,111 129,461 127,673 133,075 508,320 117,326 130,423 119,772 116,393 483,914Other (income) and expense *2 429 1,063 (1,566) 745 1,059 1,301 4,695 4,778 5,524 (72) 14,925Selling, general and administrative expenses 431,594 105,156 105,490 109,438 116,944 437,028 111,408 109,783 116,563 122,445 460,199Provision for doubtful receivables and probable loan losses 17,265 4,946 3,264 5,865 8,450 22,525 4,716 5,857 5,151 8,701 24,425Write-downs of long-lived assets 5,525 26 －－ 2,392 2,418 20 16 518 2,489 3,043Write-downs of securities 1,246 － 708 113 561 1,382 － 36 － 11,933 11,969

Total Expenses : 2,526,576 511,922 554,998 471,051 567,455 2,105,426 472,798 500,945 507,320 529,585 2,010,648Operating Income 336,195 91,995 103,099 63,090 71,254 329,438 75,651 86,051 75,020 32,959 269,681Equity in Net Income of Affiliates 50,103 5,173 1,646 9,695 16,464 32,978 12,983 19,634 21,609 13,698 67,924Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net 49,203 13,786 5,246 1,438 12,844 33,314 9,204 24,084 25,200 15,513 74,001Bargain Purchase Gain －－－－－－ 1,022 －－ (67) 955Income before Income Taxes 435,501 110,954 109,991 74,223 100,562 395,730 98,860 129,769 121,829 62,103 412,561Provision for income taxes 113,912 30,922 33,404 (8,186) 12,551 68,691 28,956 38,009 35,684 3,188 105,837Net Income 321,589 80,032 76,587 82,409 88,011 327,039 69,904 91,760 86,145 58,915 306,724Net Income Attributable to Noncontrolling Interests 8,002 34 1,450 903 503 2,890 385 1,807 939 509 3,640Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 452 51 34 349 (30) 404 309 13 37 25 384Net Income Attributable to ORIX Corporation Shareholders 313,135 79,947 75,103 81,157 87,538 323,745 69,210 89,940 85,169 58,381 302,700


(Millions of yen)

Yields on Assets 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Interest *1,3Japan 113,156 27,718 30,679 27,050 27,169 112,616 31,903 33,199 32,734 33,789 131,625Overseas 80,955 19,264 21,794 26,696 26,871 94,625 26,918 27,231 27,451 28,816 110,416

Assets (Average Balance) *2Japan 3,090,502 3,110,762 3,114,766 3,164,954 3,231,224 3,155,427 3,288,370 3,362,715 3,441,911 3,471,078 3,391,019Overseas 966,431 899,926 1,015,879 1,136,022 1,157,051 1,052,220 1,181,289 1,189,790 1,236,520 1,318,582 1,231,546

Yields on AssetsJapan 3.7% 3.6% 3.9% 3.4% 3.4% 3.6% 3.9% 3.9% 3.8% 3.9% 3.9%Overseas 8.4% 8.6% 8.6% 9.4% 9.3% 9.0% 9.1% 9.2% 8.9% 8.7% 9.0%

*1 Interest above is related to Net Investment in Leases and Installment Loans.*2 Assets above are related to Net Investment in Leases and Installment Loans.*3 Accounting Standards Update 2018-20 (“Narrow-Scope Improvements for Lessors”―ASC 842 (“Leases”)) has been adopted since the fourth quarter of fiscal 2020, and presentation of income statement regarding the certain lessor costs of finance lease and operating lease, such as the property taxes has been changed. The presented amounts since the first quarter of fiscal 2020 have been retrospectively reclassified for the adoption.

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(Unaudited)


(Millions of yen)

Balance Sheet Data 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Net Investment in Leases * 1,194,888 1,177,749 1,178,913 1,165,792 1,155,632 1,134,033 1,123,863 1,142,339 1,080,964


Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses (54,672) (56,960) (55,840) (57,343) (58,011) (54,808) (55,173) (56,922) (56,836)

Investment in Operating Leases * 1,344,926 1,339,458 1,380,494 1,311,226 1,335,959 1,454,598 1,441,191 1,505,253 1,400,001

Investment in Securities 1,729,455 1,761,823 1,869,854 1,844,206 1,928,916 1,977,887 2,110,469 2,228,604 2,245,323



Inventories 111,001 122,907 131,375 145,019 115,695 125,188 126,332 131,958 126,013

Other Assets (Cash and Cash Equivalents etc.) * 3,250,466 3,182,423 3,150,122 3,194,648 3,134,664 3,066,607 3,020,299 2,929,521 3,147,430

Total Assets 11,425,982 11,371,902 11,778,544 12,121,792 12,174,917 12,404,945 12,511,073 12,842,958 13,067,528

Short-Term Debt, Long-Term Debt and Deposits 5,890,720 5,791,490 6,043,380 6,503,887 6,423,512 6,436,334 6,438,028 6,672,417 6,847,889

Policy Liabilities and Policy Account Balances 1,511,246 1,510,693 1,522,746 1,489,650 1,521,355 1,535,631 1,559,062 1,574,160 1,591,475

Other Liabilities (Trade Notes, Accounts and Other Payable etc.) * 1,217,722 1,227,296 1,274,806 1,237,226 1,267,069 1,477,504 1,476,729 1,506,954 1,551,998

Total Liabilities 8,619,688 8,529,479 8,840,932 9,230,763 9,211,936 9,449,469 9,473,819 9,753,531 9,991,362

Redeemable Noncontrolling Interests (RNCI) 7,420 7,473 7,713 7,679 9,780 9,513 9,538 9,720 10,331

ORIX Corporation Shareholders’ Equity 2,682,424 2,712,205 2,803,969 2,817,498 2,897,074 2,887,070 2,962,073 3,008,410 2,993,608

Noncontrolling Interests (NCI) 116,450 122,745 125,930 65,852 56,127 58,893 65,643 71,297 72,227

Total Equity 2,798,874 2,834,950 2,929,899 2,883,350 2,953,201 2,945,963 3,027,716 3,079,707 3,065,835

Total Liabilities, RNCI and Equity 11,425,982 11,371,902 11,778,544 12,121,792 12,174,917 12,404,945 12,511,073 12,842,958 13,067,528


Key Exchange Rate 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Yen/Dollar

Quarter Average Rate 108.85 108.71 111.55 112.83 110.46 110.00 107.70 108.98 109.22

Period End Rate 106.24 110.54 113.57 111.00 110.99 107.79 107.92 109.56 108.83

Yen/Euro

Quarter Average Rate 132.96 129.39 129.89 129.19 125.70 123.29 119.83 120.65 120.68

Period End Rate 130.52 127.91 132.14 127.00 124.56 122.49 118.02 122.54 119.55

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(Unaudited)

Information Regarding Major Assets (1)

(Millions of yen)New Business Volumes 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Net Investment in Leases *: New equipment acquisitions 472,070 101,829 115,493 114,077 107,853 439,252 103,511 127,800 107,517 106,013 444,841Japan 264,953 56,857 67,153 65,300 65,303 254,613 54,737 74,515 54,907 59,928 244,087Overseas 207,117 44,972 48,340 48,777 42,550 184,639 48,774 53,285 52,610 46,085 200,754

Installment Loans: New loans added 1,397,467 321,186 396,575 359,032 385,216 1,462,009 383,408 405,127 366,155 374,485 1,529,175Japan 945,436 205,098 296,924 262,774 282,924 1,047,720 266,632 318,722 277,158 272,074 1,134,586Overseas 452,031 116,088 99,651 96,258 102,292 414,289 116,776 86,405 88,997 102,411 394,589

Operating Leases: New equipment acquisitions 495,609 98,491 199,112 111,042 136,070 544,715 123,389 92,684 171,289 106,304 493,666Japan 215,832 49,651 58,232 54,559 71,279 233,721 48,112 59,846 56,991 69,239 234,188(Real Estate in Japan) 39,195 2,525 9,415 6,241 21,667 39,848 5,609 7,580 9,649 22,561 45,399Overseas 279,777 48,840 140,880 56,483 64,791 310,994 75,277 32,838 114,298 37,065 259,478

Investment in Securities: New securities added 439,383 198,717 193,636 76,636 154,183 623,172 209,740 199,290 203,275 153,284 765,589Japan 300,406 159,314 176,092 50,394 118,715 504,515 190,235 180,638 169,250 113,105 653,228Overseas 138,977 39,403 17,544 26,242 35,468 118,657 19,505 18,652 34,025 40,179 112,361

Other Operating Transactions: New assets added 166,371 46,763 41,133 72,267 42,073 202,236 22,925 27,817 22,410 43,471 116,623Japan 160,371 46,486 40,856 72,032 41,897 201,271 22,777 27,711 22,087 43,179 115,754Overseas 6,000 277 277 235 176 965 148 106 323 292 869


(Millions of yen)Net Investment in Leases * 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3Transportation Equipment 489,687 490,328 498,266 494,288 495,605 480,006 478,228 481,532 457,405Industrial Equipment 240,646 234,600 232,523 225,887 222,049 216,288 209,885 220,624 210,248Electronics 154,522 149,493 147,913 145,574 143,209 143,606 140,995 140,036 134,775Information-Related and Office Equipment 105,040 104,149 102,916 102,172 101,504 101,432 103,750 105,833 104,218Commercial Services Equipment 53,065 50,372 52,870 54,541 51,671 48,042 50,511 47,928 45,062Others 151,928 148,807 144,425 143,330 141,594 144,659 140,494 146,386 129,256Total 1,194,888 1,177,749 1,178,913 1,165,792 1,155,632 1,134,033 1,123,863 1,142,339 1,080,964

* Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020, and the amounts of investment in direct financing leases have been reclassified to net investment in leases.(Millions of yen)

Installment Loans by Region and Loan Type 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3Consumer Borrowers in Japan: 1,674,036 1,689,629 1,723,080 1,786,583 1,838,933 1,916,498 1,991,219 2,059,630 2,098,400

Real Estate Loans 1,375,380 1,400,867 1,437,664 1,504,117 1,560,832 1,646,822 1,726,876 1,799,023 1,842,131Card Loans 264,323 257,059 252,654 248,434 245,139 237,023 230,401 226,221 223,651Others 34,333 31,703 32,762 34,032 32,962 32,653 33,942 34,386 32,618

Corporate Borrowers in Japan: 597,477 584,990 578,367 601,422 608,593 605,472 624,448 632,727 604,859Real Estate Companies 278,076 280,221 275,059 279,025 288,851 291,389 291,850 299,966 300,984Non-recourse Loans 18,318 18,471 26,307 50,779 53,067 52,704 74,649 72,597 48,566Commercial, Industrial and Other Companies 301,083 286,298 277,001 271,618 266,675 261,379 257,949 260,164 255,309

Overseas: 533,323 531,356 761,184 772,698 813,728 834,687 844,814 908,367 1,024,009Purchased Loans 18,933 18,865 17,156 16,756 16,416 15,327 14,650 14,806 13,218Total 2,823,769 2,824,840 3,079,787 3,177,459 3,277,670 3,371,984 3,475,131 3,615,530 3,740,486

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(Unaudited)


(Millions of yen)

Investment in Operating Leases 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Transportation Equipment 864,008 870,487 941,395 882,566 888,625 885,472 897,079 943,056 847,376

Measuring and Information-Related Equipment 89,326 90,729 92,264 96,589 105,179 105,662 110,898 120,754 125,897

Real Estate 348,867 334,827 302,643 288,719 297,343 289,957 269,406 268,105 269,483

Others 12,210 13,150 12,935 12,967 12,890 11,765 10,911 10,918 10,308

Right-of-use Assets (operating leases) * －－－－－ 130,670 127,071 128,951 121,553

Accrued Rental Receivables 30,515 30,265 31,257 30,385 31,922 31,072 25,826 33,469 25,384

Total 1,344,926 1,339,458 1,380,494 1,311,226 1,335,959 1,454,598 1,441,191 1,505,253 1,400,001

* Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020.(Millions of yen)

Asset Quality 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Net Investment in Leases *1 1,194,888 1,177,749 1,178,913 1,165,792 1,155,632 1,134,033 1,123,863 1,142,339 1,080,964

90+ Days Past-Due Net Investment in Leases 12,084 12,509 13,514 14,393 14,807 15,190 15,073 15,495 15,346


90+ Days Past-Due Loans Not Individually Evaluated for Impairment 12,748 13,325 14,032 14,517 12,412 10,393 11,926 12,248 10,264

Loans Individually Evaluated for Impairment (a) 47,142 48,383 54,456 54,416 58,827 54,166 55,234 69,780 85,820

Amount expected to be fully collected through collateral and others (b) 7,817 6,402 14,805 15,692 17,593 15,529 17,742 30,813 36,528

Impaired Loans Requiring Valuation Allowance (a) - (b) 39,325 41,981 39,651 38,724 41,234 38,637 37,492 38,967 49,292

Amount expected to be collected through collateral and others (c) 24,981 26,807 26,936 25,937 27,503 26,834 26,704 27,713 35,845

Valuation Allowance (a) - (b) - (c) 14,344 15,174 12,715 12,787 13,731 11,803 10,788 11,254 13,447

Non-performing ratio *2 1.8% 1.9% 1.9% 1.9% 1.9% 1.8% 1.8% 2.0% 2.3%

*1 Accounting Standards Update 2016-02 (ASC 842 (“Leases”)) has been adopted since the first quarter of fiscal 2020, and the amounts of investment in direct financing leases have been reclassified to net investment in leases.*2 (90+ Days Past-Due Net Investment in Leases + 90+ Days Past-Due Loans Not Individually Evaluated for Impairment + Loans Individually Evaluated for Impairment)/(Net Investment in Leases + Installment Loans)

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(Unaudited)


(Millions of yen)Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses

2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Beginning Balance 59,227 54,672 56,960 55,840 57,343 54,672 58,011 54,808 55,173 56,922 58,011

Finance Leases 10,537 10,089 10,206 10,839 11,271 10,089 12,049 11,942 12,236 12,467 12,049

Loans Not Individually Evaluated for Impairment 28,622 30,239 31,580 32,286 33,285 30,239 32,231 31,063 32,149 33,201 32,231

Loans Individually Evaluated for Impairment 20,068 14,344 15,174 12,715 12,787 14,344 13,731 11,803 10,788 11,254 13,731

Provision / Reversal (Reversal) 17,265 4,946 3,264 5,865 8,450 22,525 4,716 5,857 5,151 8,701 24,425

Finance Leases 2,241 762 990 1,030 1,542 4,324 925 849 559 971 3,304


Loans Individually Evaluated for Impairment 1,498 553 (573) 843 2,378 3,201 113 1,314 517 4,257 6,201

Charge-offs / Recoveries (Charged-offs) (19,465) (2,933) (4,796) (3,955) (7,529) (19,213) (6,849) (5,432) (3,901) (7,950) (24,132)

Finance Leases (2,701) (592) (463) (475) (725) (2,255) (849) (479) (586) (921) (2,835)

Loans Not Individually Evaluated for Impairment (9,979) (2,489) (2,394) (2,763) (5,376) (13,022) (3,982) (2,629) (3,200) (5,008) (14,819)

Loans Individually Evaluated for Impairment (6,785) 148 (1,939) (717) (1,428) (3,936) (2,018) (2,324) (115) (2,021) (6,478)

Other * (2,355) 275 412 (407) (253) 27 (1,070) (60) 499 (837) (1,468)

Finance Leases 12 (53) 106 (123) (39) (109) (183) (76) 258 (825) (826)

Loans Not Individually Evaluated for Impairment (1,930) 199 253 (230) (208) 14 (864) 21 177 31 (635)

Loans Individually Evaluated for Impairment (437) 129 53 (54) (6) 122 (23) (5) 64 (43) (7)

Ending Balance 54,672 56,960 55,840 57,343 58,011 58,011 54,808 55,173 56,922 56,836 56,836

Finance Leases 10,089 10,206 10,839 11,271 12,049 12,049 11,942 12,236 12,467 11,692 11,692


Loans Individually Evaluated for Impairment 14,344 15,174 12,715 12,787 13,731 13,731 11,803 10,788 11,254 13,447 13,447

* Other mainly includes foreign currency translation adjustments and others.

(Millions of yen)

Provisioning Rate 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

Provision for Doubtful Receivables on Finance Leasesand Probable Loan Losses

17,265 4,946 3,264 5,865 8,450 22,525 4,716 5,857 5,151 8,701 24,425

Provisioning Rate * 0.43% 0.49% 0.32% 0.55% 0.77% 0.54% 0.42% 0.51% 0.44% 0.73% 0.53%

* Provisions Charged to Income / (Average Net Investment in Leases + Average Installment Loans)

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(Unaudited)


(Millions of yen)Investment in Securities 2018.3Trading Securities 422,053Available-for-Sale Securities

Government Bond Securities and Municipal Bond Securities (Japan) 359,265Government Bond Securities and Municipal Bond Securities (Overseas) 79,781Corporate Debt Securities 366,475Equity Securities 53,598CMBS and RMBS in the Americas 74,176Others 82,182

Subtotal 1,015,477Held-to-Maturity Securities 113,891Other Securities 178,034Total 1,729,455

(Millions of yen)

Unrealized Gains (Losses) 2018.3Trading Securities －

Available-for-Sale SecuritiesGovernment Bond Securities and Municipal Bond Securities (Japan) 4,166Government Bond Securities and Municipal Bond Securities (Overseas) 2,465Corporate Debt Securities (1,631)Equity Securities 3,627CMBS and RMBS in the Americas 1,383Others 3,354

Subtotal 13,364Held-to-Maturity Securities －

Other Securities 749Total 14,113

(Millions of yen)

Realized Gains (Losses) on Investment Securities * 2017.4-2018.3Trading Securities 2,290Available-for-Sale Securities

Government Bond Securities and Municipal Bond Securities (Japan) 87Government Bond Securities and Municipal Bond Securities (Overseas) 1,555Corporate Debt Securities (133)Equity Securities 22,091CMBS and RMBS in the Americas 1,563Others 1,691

Subtotal 26,854Held-to-Maturity Securities －

Other Securities 8,749Total 37,893

※ The balance of investment in securities related to our life insurance operations are included in Investment in Securities. Income and losses on investment in securities related to our life insurance operations are recorded in “Life insurance premiums and related investment income.”* Realized gains (losses) consist of gains (losses) from sales of securities in addition to gains (losses) on trading securities held and write-downs of available-for-sale securities and other securities.

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(Unaudited)


(Millions of yen)

Investment in Securities 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3 Equity Securities 610,800 593,925 534,243 549,047 535,172 532,453 537,004 492,902 Trading Debt Securities 12,212 24,560 43,298 1,564 2,267 2,506 1,371 7,431 Available-for-Sale Debt Securities

Government Bond Securities and Municipal Bond Securities (Japan) 374,166 442,141 465,832 547,035 636,575 701,538 740,833 816,248Government Bond Securities and Municipal Bond Securities (Overseas) 73,289 71,196 72,258 77,121 72,341 76,067 88,690 88,052Corporate Debt Securities 430,633 466,320 468,367 487,997 492,739 556,352 594,755 596,477CMBS and RMBS in the Americas 60,894 61,092 58,742 61,479 52,131 51,019 57,962 48,672Others 85,698 96,332 87,372 90,612 72,828 76,720 94,109 81,736

Subtotal 1,024,680 1,137,081 1,152,571 1,264,244 1,326,614 1,461,696 1,576,349 1,631,185 Held-to-Maturity Debt Securities 114,131 114,288 114,094 114,061 113,834 113,814 113,880 113,805 Total 1,761,823 1,869,854 1,844,206 1,928,916 1,977,887 2,110,469 2,228,604 2,245,323

(Millions of yen)

Unrealized Gains (Losses) 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3 Equity Securities －－－－－－－－

Trading Debt Securities －－－－－－－－

Available-for-Sale Debt SecuritiesGovernment Bond Securities and Municipal Bond Securities (Japan) 7,751 6,418 7,528 15,305 19,381 16,113 12,365 13,106Government Bond Securities and Municipal Bond Securities (Overseas) 2,204 1,322 1,173 2,841 3,662 4,342 4,180 (741)Corporate Debt Securities (2,510) (3,707) (2,203) 2,841 5,281 7,013 5,902 852CMBS and RMBS in the Americas 782 1,498 982 1,525 1,442 1,391 1,198 (8,285)Others 2,559 2,400 514 1,992 1,926 1,523 1,771 (10,627)

Subtotal 10,786 7,931 7,994 24,504 31,692 30,382 25,416 (5,695) Held-to-Maturity Debt Securities －－－－－－－－

Total 10,786 7,931 7,994 24,504 31,692 30,382 25,416 (5,695)(Millions of yen)

Realized Gains (Losses) on Investment Securities * 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3 Equity Securities 4,035 2,988 (7,490) 8,982 8,515 9,761 5,893 6,145 (17,179) 4,620 Trading Debt Securities 194 105 261 812 1,372 167 130 182 636 1,115 Available-for-Sale Debt Securities

Government Bond Securities and Municipal Bond Securities (Japan) 81 38 14 14 147 39 6 16 10 71Government Bond Securities and Municipal Bond Securities (Overseas) 389 (53) (12) (542) (218) 450 235 112 2 799Corporate Debt Securities 165 224 (377) 941 953 505 381 237 (825) 298CMBS and RMBS in the Americas 1,294 4 1 1 1,300 346 (2) － 110 454Others 617 56 (55) 204 822 764 － 105 9 878

Subtotal 2,546 269 (429) 618 3,004 2,104 620 470 (694) 2,500 Held-to-Maturity Debt Securities －－－－－－－－－－

Total 6,775 3,362 (7,658) 10,412 12,891 12,032 6,643 6,797 (17,237) 8,235※ Certain categories of investment securities have been changed since the first quarter of fiscal 2019 for the adoption of Accounting Standards Update 2016-01 (“Recognition and Measurement of Financial Assets and Financial Liabilities”). Equity securities consist mainly of marketable equity securities, non-marketable equity securities and investment funds.※ The balance of investment in securities related to our life insurance operations are included in Investment in Securities. Income and losses on investment in securities related to our life insurance operations are recorded in “Life insurance premiums and related investment income.”* Realized gains (losses) consist of gains (losses) from sales of securities and write-downs of securities in addition to gains (losses) on equity securities held.

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(Unaudited)

Funding (1)

(Millions of yen)

Funding 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Short-Term DebtBorrowings from Financial Institutions 251,860 216,668 244,698 460,170 268,488 267,462 259,030 299,801 319,122Commercial Paper * 54,894 21,509 79,766 188,597 41,061 69,254 15,783 84,331 17,710

Total Short-Term Debt 306,754 238,177 324,464 648,767 309,549 336,716 274,813 384,132 336,832Long-Term Debt

Borrowings from Financial Institutions 2,804,357 2,773,000 2,754,826 2,826,800 3,010,880 2,968,929 2,960,656 3,056,091 3,094,474Bonds * 756,865 735,269 740,787 764,785 807,460 801,000 777,349 751,775 845,938Medium-Term Notes * 183,224 190,541 194,390 190,013 190,082 179,139 180,473 179,058 176,802Asset-Backed Securities, Commercial Mortgage Backed Securities * 82,058 63,808 171,034 188,946 177,800 163,209 152,324 132,255 162,140

Total Long-Term Debt 3,826,504 3,762,618 3,861,037 3,970,544 4,186,222 4,112,277 4,070,802 4,119,179 4,279,354Short-Term Debt + Long-Term Debt 4,133,258 4,000,795 4,185,501 4,619,311 4,495,771 4,448,993 4,345,615 4,503,311 4,616,186Deposits 1,757,462 1,790,695 1,857,879 1,884,576 1,927,741 1,987,341 2,092,413 2,169,106 2,231,703Total Debt 5,890,720 5,791,490 6,043,380 6,503,887 6,423,512 6,436,334 6,438,028 6,672,417 6,847,889

* Funding from capital markets.

Share of Long-Term Debt 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Share of Long-Term Debt * 93% 94% 92% 86% 93% 92% 94% 91% 93%* Share of long-term debt refers to long-term debt divided by the total of short- and long-term debt.

Funding Structure 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Borrowings from Financial Institutions 52% 52% 49% 51% 51% 50% 50% 50% 50%Funding from Capital Markets 18% 17% 20% 20% 19% 19% 17% 17% 18%Deposits 30% 31% 31% 29% 30% 31% 33% 33% 32%

(Millions of yen)

Funding Costs (including Deposits) 2017.4-2018.3 2018.4-6 2018.7-9 2018.10-12 2019.1-3 2018.4-2019.3 2019.4-6 2019.7-9 2019.10-12 2020.1-3 2019.4-2020.3

InterestDomestic Currency 15,624 3,600 3,893 3,856 3,645 14,994 3,598 3,836 3,682 3,761 14,877Foreign Currency 61,191 16,549 17,806 21,672 22,316 78,343 22,568 20,241 20,081 21,371 84,261

Short- and Long-Term Debt and Deposits (Average Balance)Domestic Currency 3,681,223 3,687,419 3,684,840 3,726,984 3,834,178 3,733,355 3,823,085 3,916,008 4,044,331 4,137,343 3,980,192Foreign Currency 2,216,861 2,167,739 2,261,494 2,518,617 2,622,503 2,392,588 2,619,111 2,529,001 2,485,163 2,629,656 2,565,733

Funding CostsDomestic Currency 0.42% 0.39% 0.42% 0.41% 0.38% 0.40% 0.38% 0.39% 0.36% 0.36% 0.37%Foreign Currency 2.76% 3.05% 3.15% 3.44% 3.40% 3.27% 3.45% 3.20% 3.23% 3.25% 3.28%

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Funding (1)

(Unaudited)

Funding (2)

(Millions of yen)

Commitment Lines 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Credit Lines 466,164 481,502 471,477 457,244 497,882 482,457 492,512 497,156 569,862

Available Commitment Lines 332,670 379,621 327,686 253,171 346,609 339,636 349,934 336,899 427,564

(Millions of yen)

Liquidity (excl. ORIX Bank, ORIX Life Insurance) 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

Cash and Cash Equivalents 617,721 563,909 511,241 557,593 561,026 465,166 518,053 472,435 549,169

Available Commitment Lines 332,670 379,621 327,686 253,171 346,609 339,636 349,934 336,899 427,564

Liquidity (a) 950,391 943,530 838,927 810,764 907,635 804,802 867,987 809,334 976,733

Marketable Short-Term Debt * (b) 138,373 79,406 155,578 307,942 129,128 210,543 182,780 222,912 182,385

Liquidity Coverage Ratio (a)/(b) 687% 1,188% 539% 263% 703% 382% 475% 363% 536%

* Marketable Short-Term Debt is the total of bonds and MTN expected to reach maturity within 1 year and balance of CP.

Credit Ratings 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.3

R&I

Short-Term Debt (CP) a-1 a-1 a-1 a-1 a-1 a-1 a-1 a-1 a-1 +

Long-Term DebtA +

(Stable)A +

(Stable)A +

(Stable)A +

(Positive)A +

(Positive)A +

(Positive)A +

(Positive)A +

(Positive)AA -

(Stable)

S&P Long-Term DebtA -

(Stable)A -

(Stable)A -

(Negative)A -

(Negative)A -

(Negative)A -

(Negative)A -

(Negative)A -

(Negative)A -

(Negative)

Fitch

Short-Term Debt F2 F2 F2 F2 F2 F2 F2 F2 F2

Long-Term DebtA -

(Stable)A -

(Stable)A -

(Stable)A -

(Stable)A -

(Stable)A -

(Stable)A -

(Stable)A -

(Stable)A -

(Negative)

Moody's Long-Term DebtBaa1

(Positive)A3

(Stable)A3

(Stable)A3

(Stable)A3

(Stable)A3

(Stable)A3

(Stable)A3

(Stable)A3

(Stable) ** The outlook of ORIX Corporation was changed to negative from stable on April 16, 2020.

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Funding (2)

for the Fiscal Year Ended March 31, 2020 …...Tel: +81-3-3435-3121 Contents Financial Highlights...

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